France is in talks with up to 50 asset managers considering Paris operations following the UK’s exit from the European Union and is offering fast track approvals for regulatory licenses.
French Asset Management Association (AFG) international ambassador Jean-Louis Laurens says their regulator had a discussion with 53 asset management executives from the UK and US on 12 May, Reuters reports.
It is offering an approval process of two weeks for regulatory licenses, which compares to two months in Luxembourg and Ireland, which have attracted the bulk of asset managers following the Brexit vote.
Laurens says AFG has been in talks with 30 to 50 firms.
He also praises Emmanuel Macron, who has vowed to overhaul the labour market and simplify the French tax and pension systems.
“I have never seen so much alignment in the government to make France attractive as a financial center,” Laurens says.